OECD expects India’s growth rate at 6.9% in 2022-23

Tags: Economy/Finance

Organisation for Economic Co-operation and Development (OECD) has retained its projection of 6.9% growth in India's GDP for the current financial year 2022-23.

 OECD expects the Indian growth rate to be at 5.7% in the next fiscal year 2023-24. 

The global rating agency Standard and Poor(S&P) has also maintained its forecast of a 7.3% growth rate of the Indian economy for the financial year 2022-23.

In its report titled Economic Outlook Asia-Pacific Q3 2022 report, has forecasted India’s growth rate to be 6.5% in 2023-24.

Earlier in a report released in September the  Asian Development Bank had reduced the growth rate forecast for India to 7% for 2022-23. 

RBI has forecasted a growth rate of 7.2% for the Indian economy in 2022-23.

The Indian economy grew by 8.7% in 2021-22 and in the first quarter of the current financial year (April-June 2022) it grew by 13.5%.  

Organisation of Economic Cooperation and Development (OECD)

It was set upon 16 December 1960 by 18 European countries and the United States, Canada. It is a think tank which support free market economy.

The OECD publishes economic reports, statistical databases, analyses, and forecasts on the outlook for economic growth worldwide.

At present it has 38 member countries from Europe, South America, Asia and North America.

India, China are not members of OECD.

Headquarters: Paris, France.